OKLO

Licensing, Operator Framework, and Regulatory Pathway

Cluster Description

Unifying commitments that streamline licensing for Aurora, enable operator-by-technology credentials, and increase transparency; recent items refine prior targets and consolidate milestones.

Commitments

• August 21, 2025: Advanced a product-based operator licensing framework with an NRC-accepted topical report enabling operators to be licensed to the Aurora design for centralized, multi-plant monitoring, reaffirming the June 10 acceptance.
• August 21, 2025: Commissioned a digital monitoring room with ABB technology to anchor operator training and simulation in support of licensing and fleet operations.
• August 11, 2025: Will file Phase One of the AURORA INL COLA in early Q4 after incorporating NRC feedback, updating earlier “this year” targets from July 17 and November 14.
• August 11, 2025: Maintained a public regulatory dashboard to transparently track progress across powerhouse, fuel, and radioisotope licensing.
• July 17, 2025: Completed the NRC pre-application readiness assessment for Phase 1 of the COLA with no significant gaps, paving the way for the early Q4 filing.
• June 10, 2025: Pursued an integrated licensing pathway combining design, construction, and operation in one application to reduce re-review for subsequent sites.

Project Execution and First Deployments (INL and Defense)

Cluster Description

Milestones and commitments to execute the first Aurora deployments at INL and for defense customers; newer items add specificity and update earlier schedule guidance.

Commitments

• August 11, 2025: Appoint lead constructor(s) and begin INL preconstruction this quarter with groundbreaking targeted for late Q3.
• August 11, 2025: Target first Aurora commercial operations in late 2027 to early 2028, reaffirming prior guidance.
• August 11, 2025: Progress next steps with the U.S. Air Force and DLA toward deploying a powerhouse at Eielson AFB under a long-term PPA, advancing the June 11 notice of intent to award.
• May 13, 2025: Completed site characterization borehole drilling at INL to support the COLA and site development.
• November 07, 2024: Completed environmental compliance and initiated site characterization activities for the first commercial powerhouse.
• September 25, 2024: Finalized a DOE site-investigation agreement to enable timely and efficient transition to construction.
• March 20, 2025: Committed to strict environmental compliance and efficient, sustainable development throughout site investigations and construction under INL interface agreements.

Integrated Power Solutions and Data Center Strategy

Cluster Description

Commercial pathways and partnerships to serve large power users—especially data centers—via phased gas-to-nuclear solutions and integrated power-and-cooling offerings; newer items update prior alliances and pipeline metrics.

Commitments

• August 11, 2025: Finalize the commercial structure with Liberty Energy to offer phased power solutions transitioning from gas to Aurora nuclear, updating the July 23 alliance.
• July 23, 2025: Launched a strategic alliance with Liberty to deliver turnkey managed power integrating near-term gas and future nuclear for large power users.
• July 22, 2025: Initiated collaboration with Vertiv to co-develop integrated power and thermal solutions for data centers with a pilot planned at the initial Aurora powerhouse.
• May 13, 2025: Reported signed agreements totaling 12 GW plus 750 MWe for data center customers, updating previously disclosed customer pipeline figures.
• January 17, 2025: Announced a phased power partnership with RPower for data centers starting with gas within ~24 months and transitioning to Aurora units tied to a 14 GW order book.
• December 18, 2024: Executed a non-binding Master Power Agreement with Switch to deploy up to 12 GW of Aurora power through 2044 via subsequent PPAs.
• November 14, 2024: Entered a strategic partnership with Equinix for 500 MW of power with a $25 million prepayment.
• November 13, 2024: Signed LOIs with two major data center providers for up to 750 MW of low-carbon power.

Fuel Supply, Fabrication, and Closed Fuel Cycle

Cluster Description

Assuring near- and long-term fuel availability through co-fabrication, domestic stockpiles, HALEU, and recycling, with recent steps building on earlier MOUs and aligning with executive actions.

Commitments

• August 11, 2025: Began a strategic collaboration with Lightbridge to explore co-locating Lightbridge fuel fabrication within Oklo’s advanced fuel manufacturing facility, building on the January 28 MOU.
• August 11, 2025: Executing a comprehensive fuel strategy spanning DOE HALEU, commercial enrichers, and development of recycling capabilities.
• August 11, 2025: Advancing toward closed fuel-cycle operations by building recycling capabilities expected to lower costs and waste.
• August 11, 2025: Leverage government stockpiles, including down-blended plutonium, to fuel early units without further enrichment, enabled by recent executive actions.
• May 28, 2025: Supported U.S. executive orders on nuclear leadership and fuel security emphasizing domestic feedstock and fast fission plants that recycle used fuel.
• May 13, 2025: Developing a commercial-scale nuclear fuel recycling facility targeted for the early 2030s to recover >95% of energy content from used fuel.
• November 14, 2024: Advanced the Aurora Fuel Fabrication Facility with DOE approval of the Conceptual Safety Design Report to support first-unit fueling and recycling.

Radioisotopes and Advanced Materials

Cluster Description

Building a U.S.-based radioisotope business integrated with Oklo’s platform while validating advanced materials to enhance manufacturability and scale.

Commitments

• August 11, 2025: Advanced Atomic Alchemy’s radioisotope program by submitting an NRC materials license application and beginning site characterization to produce revenue-generating isotopes.
• June 17, 2025: Commenced site characterization for a commercial radioisotope production facility at INL under a 2020 MOU with DOE Idaho Operations.
• May 13, 2025: Planned initial radioisotope revenue as early as 2026 with full commercial operations targeted for 2028 following the Atomic Alchemy integration.
• March 05, 2025: Completed the acquisition of Atomic Alchemy to establish domestic radioisotope production, diversify revenue, and leverage NTD technology for semiconductors.

Strategic Partnerships and Government Programs

Cluster Description

Key collaborations and government-backed initiatives that accelerate technology readiness and global deployment; the most recent items consolidate and build on earlier MOUs.

Commitments

• August 21, 2025: Signed an MOU with ABB to explore collaboration on digitalization, automation, and electrification of powerhouse sites and joint R&D, including data center integration.
• August 13, 2025: Selected to participate in three DOE Reactor Pilot Program projects targeting criticality in at least three test reactors by July 4, 2026.
• August 11, 2025: Expanded an international partnership with KHNP across development, licensing, manufacturing, and supply chain to support global deployment, building on the May 27 MOU.

Financial Strength and Capital Allocation

Cluster Description

Funding commitments, liquidity, and disciplined spending to support the growth plan; recent items update earlier financing actions and guidance.

Commitments

• August 11, 2025: Maintained full-year 2025 cash used in operating activities guidance of $65–$80 million.
• August 11, 2025: Preserved strong liquidity after raising $460 million on June 12 and ending Q2 with approximately $683 million in cash and marketable securities.
• August 11, 2025: Consider potentially accelerating modest CapEx from 2026 into 2025 to advance deployment and fuel activities.
• June 12, 2025: Allocated public offering proceeds (approximately $400 million gross) for general corporate purposes, working capital, CapEx, and potential investments.
• May 13, 2025: Committed to transparency in financial management with quarterly updates on cash burn and operating expenses.
• March 30, 2025: Will utilize existing cash, cash equivalents, and marketable securities to fund operations for at least the next 12 months.
• March 30, 2025: Increase R&D investment and accept higher G&A as the company scales, while leveraging EGC accounting deferrals through 2026.

Organizational Capacity and Governance

Cluster Description

Leadership, workforce, and governance actions to scale execution; newer appointments and commitments support accelerated commercialization.

Commitments

• May 13, 2025: Appointed a Chief Technology Officer to build a mature engineering organization, scale high-performing teams, and accelerate commercialization of fast reactor technologies.
• May 13, 2025: Continue hiring across R&D and corporate functions to support strategy execution and scale operations.
• April 22, 2025: Leadership committed to bringing scalable clean energy solutions to the AI sector and beyond.
• March 24, 2025: Added new board members to support large-scale Aurora deployment, fuel recycling development, and radioisotope facilities.
• February 06, 2025: Ensure a smooth board transition following Chris Wright’s departure, with a replacement announcement forthcoming.